World Bank boss favors Treasury, not Fed

The president of the World Bank said Monday he opposes giving more authority to the U.S. Federal Reserve, arguing instead that the Treasury Department is better equipped to manage financial crises.

Robert Zoellick also suggested in a speech that the dollar's role as the world's reserve currency may be diminishing and the United States should recognize this fact.

Zoellick, a former high-ranking U.S. government official and investment banker, said Treasury as a part of the executive branch of government would be subject to greater oversight by Congress and the American public if given additional authority.